Fuel Prices at Pumps See Significant Drop, Petrol Selling As Low as GH¢10.99

• Some oil marketing companies have started reducing the prices of their petroleum products at the pumps
• For example, Shell is selling a litre of petrol at GH¢11.98, down from GH¢12.98 quoted on June 3, 2025
• The government postponed the implementation of the increased tax on fuel under the Energy Sector Levy

Some fuel stations have started reducing the prices of petroleum products at the pumps.

Joy News reported that Star Oil, for example, is selling a litre of petrol at GH¢11.57 while that of diesel remains unchanged at GH¢12.49.

Some selected stations are also selling petrol at GH¢10.99 per litre

There are indications that Star Oil could carry out further reviews in the coming days at the pumps.

Shell is selling a litre of petrol at GH¢11.98, down from GH¢12.98 quoted on June 3, 2025.

A litre of diesel is going for GH¢12.85 compared to the price of GH¢12.89 quoted on June 3, 2025.

The Chamber of Oil Marketing Companies noted that the cedi’s continuous appreciation against the US dollar is a major reason for the reduction at the pumps.

The suspension of the increase in taxes on fuel also gave more room for a reduction.

The Ghana Revenue Authority said the increment was postponed based on a directive from the Minister of Finance, Casiel Ato Forson.

However, some fuel price increases are expected next month. Prices of petroleum products have gone up on the world market, following the conflict between Iran and Israel.

Energy analyst Benjamin Nsiah said the drop may be short-lived. With the tensions in Iran, he said fuel prices may "pick up beginning July."

Energy Ministry comments on Iran-Israel unrest

Richmond Rockson, Spokesperson and Head of Communication at the Ministry, explained that the suspension is primarily due to the recent increase in global oil prices and the need to protect consumers from high fuel costs.

Rockson explained that the government’s decision is in response to the current market instability.

“The president has directed the Ministers of Energy and Finance to keep monitoring the situation. So, they will keep monitoring, and as and when the factors look favourable a new date will be announced."

Israel's surprise strike against Iranian military and nuclear sites on June 13 sent crude prices soaring as much as 13% at one point amid supply constraint fears.

Analysts also warned that the spike could send inflation surging globally again, dealing a blow to long-running efforts by governments and central banks to get it under control and fanning concerns about the impact on already fragile economies.

IMF endorses GH¢1 increase in fuel tax

YEN.com.gh reported that the International Monetary Fund is backing the GH¢1 increase per litre in taxes on fuel products

Speaking at a press briefing, Julie Kozack, Director of the IMF’s Communications, said the increase was a strategic measure aligned with the country’s fiscal goals under Ghana's ongoing IMF Extended Credit Facility (ECF) programme.

The government said the tax increase is needed to support the clearing of the $3.1 billion energy sector debt.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh